Ellah Lakes Plc (“Ellah Lakes” or “the Company”) today announced the appointment of Mr. Chuka Mordi as Managing Director, effective June 12th, 2019. Mr. Mordi takes over from Mr. Frank Ellah, who moves on to new pursuits. The appointment was made at a boardmmeeting of the company on June 12th 2019 and follows the board’s agreement to a business combination with Telluria Limited which would strengthen Ellah Lakes’ balance sheet, restore customer confidence, provide access to new markets while enhancing operations that will ultimately drive profitability and deliver value to shareholders.
According to the statement endorsed by Kenechi Ezezika for: OAKE Legal Company Secretary, prior to this appointment by Ellah Lakes Plc, Mr Mordi was a Director in Telluria and the Managing Partner of CBO Investment Management.
Commenting on his appointment, Mr Mordi said: “I am very excited to be taking up the position of
Ellah Lakes Managing Director. The combination of Ellah Lakes and Telluria establishes a platform with
a significant existing land portfolio, access to finance and investments in the domestic production of
oil palm, & a variety of cash crops. I look forward to an exciting future as we put Ellah Lakes back on a
path to growth.”
Mr. Mordi has an impressive track record across all segments of finance both in Nigeria and the United Kingdom. He has over two and a half decades of experience in private equity investing, investment banking, and investment research.
Mr. Mordi has been responsible for oversight of the CBO’s management and investment activities and currently sits on the boards of CBO portfolio companies. In addition, Mr. Mordi led the firm’s efforts in publishing and distributing proprietary Africa macro and sector research, producing investment conferences, and developing active CSR programs.
Mr. Mordi began his career as an Equities Analyst at SBC Warburg, before moving to Hardman & Co.Ltd. where he focused on UK AIM stocks. At InterSec Research Corp. he led the Global Investment Management Research Team for Europe (UK) & the Far East (Japan & Singapore). At Societe Generale Asset Management (SGAM) UK, he covered European Emerging Market Equities and worked on Asset Allocation and Economic analysis. Prior to launching CBO Investment Management in 2009, Mr. Mordi was Head of Infrastructure Financing at First City Monument Bank.
Mr. Mordi holds a Philosophy degree from King’s College, University of London.
Jamie Rixton, Chief Agronomist, Ellah Lakes Plc; Wole Onasanya, Chief Financial Officer, Ellah Lakes Plc; Chuka Mordi, Chief Executive Officer, Ellah Lakes Plc; Olumide Boluwole, Divisional Head, Listings, Nigerian Stock Exchange; Mr. Enot Ogbebor, Director, Ellah Lakes Plc and Frank Ellah, Director, Ellah Lakes during the announcement of Ellah Lakes Plc’s listing of an additional 1.88 billion shares on the Nigerian Stock Exchange, Monday, June 17, 2019
In the same vein, Ellah Lakes Plc (“ELP”) announced today that it had successfully listed an additional 1,880,000,000 shares on the main board of the Nigerian Stock Exchange (“NSE”).
Ellah Lakes Plc’s listing of these shares on the NSE will create options for investors in the agri-business segment of the NSE. Consequently, this listing is expected to provide increased liquidity to existing shareholders.
Speaking on the announcement, the outgoing Ellah Lakes Plc CEO, Frank Ellah, commented: “Today marks a milestone in the history of our company. After a number of years of challenging operational performance and trading illiquidity, with our new management in place, I am pleased to see the new trajectory of our growth as a business. We welcome existing and new shareholders to participate in our growth story”
Speaking on the listing, Chief Executive Officer, Chuka Mordi, said: “We are pleased to be embarking on this new phase in the journey of Ellah Lakes Plc. With the business combination of the assets of Telluria, Ellah Lakes is in a great position to deliver value to all shareholders. The enlarged Ellah Lakes is built on a foundation of growth to meet the needs of Nigerians for agricultural products, both as retail consumers and as industrial partners. We believe and expect to partake in Nigeria’s growth story as we continue to support the communities we operate in, and all our stakeholders”
About Ellah Lakes Plc
Ellah Lakes Plc was one of Nigeria’s foremost agriculture businesses, specialising in Fish Farming. It was incorporated on July 2nd 1980 and was listed on the Nigerian Stock Exchange (NSE) on January 14th 1993, Ellah Lakes acquired Telluria in order to diversify its product offerings in the AgriBusiness sector.
To learn more about Ellah Lakes Plc and its various initiatives, visit www.ellahlakes.com
The Caption Photo: The Managing Director, Ellah Lakes Plc Mr. Chuka Mordi
